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Vegetable oil prices declined after the August WASDE raised US 2024/25 soybean planted area to 87.1 million acres and production to 4.589 billion bushels, with world soybean ending stocks revised up to 134.30 million tonnes. US farmers are selling to clear storage, adding pressure on soybean and oil prices.
Bigger US supplies and higher world stocks point to weaker soybean and soyoil prices, while a firmer dollar also weighs on dollar-denominated oilseed values.
vespertool.comGehrman KosenkovAug 14, 2024After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
After 53 past bullish report events, US Dollar (Broad) moved a median +0.1% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
